Cera Sanitaryware raising around $12M from Lighthouse

Cera Sanitaryware Ltd, one of the largest sanitaryware companies in India, is raising around Rs 70.6 crore ($11.5 million) from Lighthouse Funds' second private equity fund through a preferential allotment, as per a stock market disclosure.

The company at its board meeting held on Thursday has decided to allot 3,51,000 equity shares of face value of Rs 5 each of the company to India 2020 Fund II at a price of Rs 2,011.50 per share on a preferential basis aggregating around Rs 70 crore.

This is subject to the approval of members to increase the aggregate limit of FII holding in the company from current 24 per cent to 36 per cent, it said.
Gujarat-based sanitary products maker Cera Sanitaryware will have a meeting on February 25, 2015 to clear the proposal.

India 2020 Fund II is a $125 million PE fund which provides growth capital to small and medium-sized unlisted companies operating in India. The fund seeks to invest in healthcare, education, rural consumption and agribusiness sectors and typically invests between $5 million and $15 million in its portfolio companies.